Insurance distributionInsurance distribution in Bulgaria in Bulgaria

Roumen Galabinov

Insurance market in Bulgaria covers either directly or through various distribution channels individual agents corporate agents (including Bancassurance) and Brokers

Life insurance products are sold mainly through individual agents General insurance products are sold through individual

agentscorporate agents and brokers

INSURANCE BROKER in Bulgaria Every Insurance Broker shall follow recognised standards of professional conduct and discharge his functions in the interest of the policyholders Conduct in matters relating to clients relationship Every insurance broker shall conduct its dealings with clients with utmost good faith and integrity at all times 1048766 act with care and diligence 1048766 ensure that the client understands his relationship with the broker and on whose behalf the broker is acting

1048766 treat all information supplied by the prospective clients as completely confidential to themselves and to the insurer to which the business is being offered 1048766 take appropriate steps to maintain the security of confidential documents in their possession 1048766 hold specific authority of client to develop terms 1048766 understand the type of client it is dealing with and the extent of the clientrsquos awareness of risk and insurance 1048766 obtain written mandate from client to represent the client to the insurer and communicate the grant of a cover to the client after effecting insurance

1048766 obtain written mandate Broker Of Record Letter (BORL) from client to represent the client to the insurer reinsurer

1048766 confirm cover to the insurer after effecting re-insurance and submit relevant reinsurance acceptance and placement slips

1048766 avoid conflict of interest

Every insurance Broker shall (a)confirm that it is a member of such a body of brokers as approved by the supervisory authority (b)confirm that he does not employ agents to bring in business (c)identify itself and explain as soon as possible the degree of choice in the products that are on offer d)ensure that the client understands the type of service it can offer

(e)ensure that the policy proposed is suitable to the needs of the prospective client (f) give advice only on those matters in which it is knowledgeable and seek or recommend other specialist for advice when necessary (g)not make inaccurate or unfair criticisms of any insurer or any member of such body of brokers (h) explain why a policy or policies are proposed and provide comparisons in terms of price cover or service where there is a choice of products

(i) state the period of cover for which the quotation remains valid if the proposed cover is not effected immediately

(j) explain when and how the premium is payable and how such premium is to be collected where another party is financing all or part of the premium full details shall be given to the client including any obligations that the client may owe to that party

(k) explain the procedures to follow in the event of a loss

Conduct in relation to furnishing of information every insurance broker shall

(a)ensure that the consequences of non-disclosure and inaccuracies are pointed out to the prospective client

(b)avoid influencing the prospective client and make it clear that all the answers or statements given are the latters -own responsibility Ask the client to carefully check details of information given in the documents and request the client to make true fair and complete disclosure where it believes that the client has not done so and in case further disclosure is not forthcoming it should consider declining to act further

(c)explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy

(d)disclose on behalf of its client all material facts within its knowledge and give a fair presentation of the risk

Conduct in relation to explanation of insurance contract mdash Every insurance broker shell

(a)provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter

(b)explain all the essential provisions of the cover afforded by the policy recommended by him so that as far as possible the prospective client understands what is being purchased

(c)quote terms exactly as provided by insurer

(d)draw attention to any warranty imposed under the policy major or unusual restrictions exclusions under the policy and explain how the contract may be cancelled

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Insurance market in Bulgaria covers either directly or through various distribution channels individual agents corporate agents (including Bancassurance) and Brokers

Life insurance products are sold mainly through individual agents General insurance products are sold through individual

agentscorporate agents and brokers

INSURANCE BROKER in Bulgaria Every Insurance Broker shall follow recognised standards of professional conduct and discharge his functions in the interest of the policyholders Conduct in matters relating to clients relationship Every insurance broker shall conduct its dealings with clients with utmost good faith and integrity at all times 1048766 act with care and diligence 1048766 ensure that the client understands his relationship with the broker and on whose behalf the broker is acting

1048766 treat all information supplied by the prospective clients as completely confidential to themselves and to the insurer to which the business is being offered 1048766 take appropriate steps to maintain the security of confidential documents in their possession 1048766 hold specific authority of client to develop terms 1048766 understand the type of client it is dealing with and the extent of the clientrsquos awareness of risk and insurance 1048766 obtain written mandate from client to represent the client to the insurer and communicate the grant of a cover to the client after effecting insurance

1048766 obtain written mandate Broker Of Record Letter (BORL) from client to represent the client to the insurer reinsurer

1048766 confirm cover to the insurer after effecting re-insurance and submit relevant reinsurance acceptance and placement slips

1048766 avoid conflict of interest

Every insurance Broker shall (a)confirm that it is a member of such a body of brokers as approved by the supervisory authority (b)confirm that he does not employ agents to bring in business (c)identify itself and explain as soon as possible the degree of choice in the products that are on offer d)ensure that the client understands the type of service it can offer

(e)ensure that the policy proposed is suitable to the needs of the prospective client (f) give advice only on those matters in which it is knowledgeable and seek or recommend other specialist for advice when necessary (g)not make inaccurate or unfair criticisms of any insurer or any member of such body of brokers (h) explain why a policy or policies are proposed and provide comparisons in terms of price cover or service where there is a choice of products

(i) state the period of cover for which the quotation remains valid if the proposed cover is not effected immediately

(j) explain when and how the premium is payable and how such premium is to be collected where another party is financing all or part of the premium full details shall be given to the client including any obligations that the client may owe to that party

(k) explain the procedures to follow in the event of a loss

Conduct in relation to furnishing of information every insurance broker shall

(a)ensure that the consequences of non-disclosure and inaccuracies are pointed out to the prospective client

(b)avoid influencing the prospective client and make it clear that all the answers or statements given are the latters -own responsibility Ask the client to carefully check details of information given in the documents and request the client to make true fair and complete disclosure where it believes that the client has not done so and in case further disclosure is not forthcoming it should consider declining to act further

(c)explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy

(d)disclose on behalf of its client all material facts within its knowledge and give a fair presentation of the risk

Conduct in relation to explanation of insurance contract mdash Every insurance broker shell

(a)provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter

(b)explain all the essential provisions of the cover afforded by the policy recommended by him so that as far as possible the prospective client understands what is being purchased

(c)quote terms exactly as provided by insurer

(d)draw attention to any warranty imposed under the policy major or unusual restrictions exclusions under the policy and explain how the contract may be cancelled

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

INSURANCE BROKER in Bulgaria Every Insurance Broker shall follow recognised standards of professional conduct and discharge his functions in the interest of the policyholders Conduct in matters relating to clients relationship Every insurance broker shall conduct its dealings with clients with utmost good faith and integrity at all times 1048766 act with care and diligence 1048766 ensure that the client understands his relationship with the broker and on whose behalf the broker is acting

1048766 treat all information supplied by the prospective clients as completely confidential to themselves and to the insurer to which the business is being offered 1048766 take appropriate steps to maintain the security of confidential documents in their possession 1048766 hold specific authority of client to develop terms 1048766 understand the type of client it is dealing with and the extent of the clientrsquos awareness of risk and insurance 1048766 obtain written mandate from client to represent the client to the insurer and communicate the grant of a cover to the client after effecting insurance

1048766 obtain written mandate Broker Of Record Letter (BORL) from client to represent the client to the insurer reinsurer

1048766 confirm cover to the insurer after effecting re-insurance and submit relevant reinsurance acceptance and placement slips

1048766 avoid conflict of interest

Every insurance Broker shall (a)confirm that it is a member of such a body of brokers as approved by the supervisory authority (b)confirm that he does not employ agents to bring in business (c)identify itself and explain as soon as possible the degree of choice in the products that are on offer d)ensure that the client understands the type of service it can offer

(e)ensure that the policy proposed is suitable to the needs of the prospective client (f) give advice only on those matters in which it is knowledgeable and seek or recommend other specialist for advice when necessary (g)not make inaccurate or unfair criticisms of any insurer or any member of such body of brokers (h) explain why a policy or policies are proposed and provide comparisons in terms of price cover or service where there is a choice of products

(i) state the period of cover for which the quotation remains valid if the proposed cover is not effected immediately

(j) explain when and how the premium is payable and how such premium is to be collected where another party is financing all or part of the premium full details shall be given to the client including any obligations that the client may owe to that party

(k) explain the procedures to follow in the event of a loss

Conduct in relation to furnishing of information every insurance broker shall

(a)ensure that the consequences of non-disclosure and inaccuracies are pointed out to the prospective client

(b)avoid influencing the prospective client and make it clear that all the answers or statements given are the latters -own responsibility Ask the client to carefully check details of information given in the documents and request the client to make true fair and complete disclosure where it believes that the client has not done so and in case further disclosure is not forthcoming it should consider declining to act further

(c)explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy

(d)disclose on behalf of its client all material facts within its knowledge and give a fair presentation of the risk

Conduct in relation to explanation of insurance contract mdash Every insurance broker shell

(a)provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter

(b)explain all the essential provisions of the cover afforded by the policy recommended by him so that as far as possible the prospective client understands what is being purchased

(c)quote terms exactly as provided by insurer

(d)draw attention to any warranty imposed under the policy major or unusual restrictions exclusions under the policy and explain how the contract may be cancelled

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

1048766 treat all information supplied by the prospective clients as completely confidential to themselves and to the insurer to which the business is being offered 1048766 take appropriate steps to maintain the security of confidential documents in their possession 1048766 hold specific authority of client to develop terms 1048766 understand the type of client it is dealing with and the extent of the clientrsquos awareness of risk and insurance 1048766 obtain written mandate from client to represent the client to the insurer and communicate the grant of a cover to the client after effecting insurance

1048766 obtain written mandate Broker Of Record Letter (BORL) from client to represent the client to the insurer reinsurer

1048766 confirm cover to the insurer after effecting re-insurance and submit relevant reinsurance acceptance and placement slips

1048766 avoid conflict of interest

Every insurance Broker shall (a)confirm that it is a member of such a body of brokers as approved by the supervisory authority (b)confirm that he does not employ agents to bring in business (c)identify itself and explain as soon as possible the degree of choice in the products that are on offer d)ensure that the client understands the type of service it can offer

(e)ensure that the policy proposed is suitable to the needs of the prospective client (f) give advice only on those matters in which it is knowledgeable and seek or recommend other specialist for advice when necessary (g)not make inaccurate or unfair criticisms of any insurer or any member of such body of brokers (h) explain why a policy or policies are proposed and provide comparisons in terms of price cover or service where there is a choice of products

(i) state the period of cover for which the quotation remains valid if the proposed cover is not effected immediately

(j) explain when and how the premium is payable and how such premium is to be collected where another party is financing all or part of the premium full details shall be given to the client including any obligations that the client may owe to that party

(k) explain the procedures to follow in the event of a loss

Conduct in relation to furnishing of information every insurance broker shall

(a)ensure that the consequences of non-disclosure and inaccuracies are pointed out to the prospective client

(b)avoid influencing the prospective client and make it clear that all the answers or statements given are the latters -own responsibility Ask the client to carefully check details of information given in the documents and request the client to make true fair and complete disclosure where it believes that the client has not done so and in case further disclosure is not forthcoming it should consider declining to act further

(c)explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy

(d)disclose on behalf of its client all material facts within its knowledge and give a fair presentation of the risk

Conduct in relation to explanation of insurance contract mdash Every insurance broker shell

(a)provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter

(b)explain all the essential provisions of the cover afforded by the policy recommended by him so that as far as possible the prospective client understands what is being purchased

(c)quote terms exactly as provided by insurer

(d)draw attention to any warranty imposed under the policy major or unusual restrictions exclusions under the policy and explain how the contract may be cancelled

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

1048766 obtain written mandate Broker Of Record Letter (BORL) from client to represent the client to the insurer reinsurer

1048766 confirm cover to the insurer after effecting re-insurance and submit relevant reinsurance acceptance and placement slips

1048766 avoid conflict of interest

Every insurance Broker shall (a)confirm that it is a member of such a body of brokers as approved by the supervisory authority (b)confirm that he does not employ agents to bring in business (c)identify itself and explain as soon as possible the degree of choice in the products that are on offer d)ensure that the client understands the type of service it can offer

(e)ensure that the policy proposed is suitable to the needs of the prospective client (f) give advice only on those matters in which it is knowledgeable and seek or recommend other specialist for advice when necessary (g)not make inaccurate or unfair criticisms of any insurer or any member of such body of brokers (h) explain why a policy or policies are proposed and provide comparisons in terms of price cover or service where there is a choice of products

(i) state the period of cover for which the quotation remains valid if the proposed cover is not effected immediately

(j) explain when and how the premium is payable and how such premium is to be collected where another party is financing all or part of the premium full details shall be given to the client including any obligations that the client may owe to that party

(k) explain the procedures to follow in the event of a loss

Conduct in relation to furnishing of information every insurance broker shall

(a)ensure that the consequences of non-disclosure and inaccuracies are pointed out to the prospective client

(b)avoid influencing the prospective client and make it clear that all the answers or statements given are the latters -own responsibility Ask the client to carefully check details of information given in the documents and request the client to make true fair and complete disclosure where it believes that the client has not done so and in case further disclosure is not forthcoming it should consider declining to act further

(c)explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy

(d)disclose on behalf of its client all material facts within its knowledge and give a fair presentation of the risk

Conduct in relation to explanation of insurance contract mdash Every insurance broker shell

(a)provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter

(b)explain all the essential provisions of the cover afforded by the policy recommended by him so that as far as possible the prospective client understands what is being purchased

(c)quote terms exactly as provided by insurer

(d)draw attention to any warranty imposed under the policy major or unusual restrictions exclusions under the policy and explain how the contract may be cancelled

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Every insurance Broker shall (a)confirm that it is a member of such a body of brokers as approved by the supervisory authority (b)confirm that he does not employ agents to bring in business (c)identify itself and explain as soon as possible the degree of choice in the products that are on offer d)ensure that the client understands the type of service it can offer

(e)ensure that the policy proposed is suitable to the needs of the prospective client (f) give advice only on those matters in which it is knowledgeable and seek or recommend other specialist for advice when necessary (g)not make inaccurate or unfair criticisms of any insurer or any member of such body of brokers (h) explain why a policy or policies are proposed and provide comparisons in terms of price cover or service where there is a choice of products

(i) state the period of cover for which the quotation remains valid if the proposed cover is not effected immediately

(j) explain when and how the premium is payable and how such premium is to be collected where another party is financing all or part of the premium full details shall be given to the client including any obligations that the client may owe to that party

(k) explain the procedures to follow in the event of a loss

Conduct in relation to furnishing of information every insurance broker shall

(a)ensure that the consequences of non-disclosure and inaccuracies are pointed out to the prospective client

(b)avoid influencing the prospective client and make it clear that all the answers or statements given are the latters -own responsibility Ask the client to carefully check details of information given in the documents and request the client to make true fair and complete disclosure where it believes that the client has not done so and in case further disclosure is not forthcoming it should consider declining to act further

(c)explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy

(d)disclose on behalf of its client all material facts within its knowledge and give a fair presentation of the risk

Conduct in relation to explanation of insurance contract mdash Every insurance broker shell

(a)provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter

(b)explain all the essential provisions of the cover afforded by the policy recommended by him so that as far as possible the prospective client understands what is being purchased

(c)quote terms exactly as provided by insurer

(d)draw attention to any warranty imposed under the policy major or unusual restrictions exclusions under the policy and explain how the contract may be cancelled

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

(e)ensure that the policy proposed is suitable to the needs of the prospective client (f) give advice only on those matters in which it is knowledgeable and seek or recommend other specialist for advice when necessary (g)not make inaccurate or unfair criticisms of any insurer or any member of such body of brokers (h) explain why a policy or policies are proposed and provide comparisons in terms of price cover or service where there is a choice of products

(i) state the period of cover for which the quotation remains valid if the proposed cover is not effected immediately

(j) explain when and how the premium is payable and how such premium is to be collected where another party is financing all or part of the premium full details shall be given to the client including any obligations that the client may owe to that party

(k) explain the procedures to follow in the event of a loss

Conduct in relation to furnishing of information every insurance broker shall

(a)ensure that the consequences of non-disclosure and inaccuracies are pointed out to the prospective client

(b)avoid influencing the prospective client and make it clear that all the answers or statements given are the latters -own responsibility Ask the client to carefully check details of information given in the documents and request the client to make true fair and complete disclosure where it believes that the client has not done so and in case further disclosure is not forthcoming it should consider declining to act further

(c)explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy

(d)disclose on behalf of its client all material facts within its knowledge and give a fair presentation of the risk

Conduct in relation to explanation of insurance contract mdash Every insurance broker shell

(a)provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter

(b)explain all the essential provisions of the cover afforded by the policy recommended by him so that as far as possible the prospective client understands what is being purchased

(c)quote terms exactly as provided by insurer

(d)draw attention to any warranty imposed under the policy major or unusual restrictions exclusions under the policy and explain how the contract may be cancelled

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

(i) state the period of cover for which the quotation remains valid if the proposed cover is not effected immediately

(j) explain when and how the premium is payable and how such premium is to be collected where another party is financing all or part of the premium full details shall be given to the client including any obligations that the client may owe to that party

(k) explain the procedures to follow in the event of a loss

Conduct in relation to furnishing of information every insurance broker shall

(a)ensure that the consequences of non-disclosure and inaccuracies are pointed out to the prospective client

(b)avoid influencing the prospective client and make it clear that all the answers or statements given are the latters -own responsibility Ask the client to carefully check details of information given in the documents and request the client to make true fair and complete disclosure where it believes that the client has not done so and in case further disclosure is not forthcoming it should consider declining to act further

(c)explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy

(d)disclose on behalf of its client all material facts within its knowledge and give a fair presentation of the risk

Conduct in relation to explanation of insurance contract mdash Every insurance broker shell

(a)provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter

(b)explain all the essential provisions of the cover afforded by the policy recommended by him so that as far as possible the prospective client understands what is being purchased

(c)quote terms exactly as provided by insurer

(d)draw attention to any warranty imposed under the policy major or unusual restrictions exclusions under the policy and explain how the contract may be cancelled

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Conduct in relation to furnishing of information every insurance broker shall

(a)ensure that the consequences of non-disclosure and inaccuracies are pointed out to the prospective client

(b)avoid influencing the prospective client and make it clear that all the answers or statements given are the latters -own responsibility Ask the client to carefully check details of information given in the documents and request the client to make true fair and complete disclosure where it believes that the client has not done so and in case further disclosure is not forthcoming it should consider declining to act further

(c)explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy

(d)disclose on behalf of its client all material facts within its knowledge and give a fair presentation of the risk

Conduct in relation to explanation of insurance contract mdash Every insurance broker shell

(a)provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter

(b)explain all the essential provisions of the cover afforded by the policy recommended by him so that as far as possible the prospective client understands what is being purchased

(c)quote terms exactly as provided by insurer

(d)draw attention to any warranty imposed under the policy major or unusual restrictions exclusions under the policy and explain how the contract may be cancelled

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

(c)explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy

(d)disclose on behalf of its client all material facts within its knowledge and give a fair presentation of the risk

Conduct in relation to explanation of insurance contract mdash Every insurance broker shell

(a)provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter

(b)explain all the essential provisions of the cover afforded by the policy recommended by him so that as far as possible the prospective client understands what is being purchased

(c)quote terms exactly as provided by insurer

(d)draw attention to any warranty imposed under the policy major or unusual restrictions exclusions under the policy and explain how the contract may be cancelled

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Conduct in relation to explanation of insurance contract mdash Every insurance broker shell

(a)provide the list of insurer(s) participating under the insurance contract and advise any subsequent changes thereafter

(b)explain all the essential provisions of the cover afforded by the policy recommended by him so that as far as possible the prospective client understands what is being purchased

(c)quote terms exactly as provided by insurer

(d)draw attention to any warranty imposed under the policy major or unusual restrictions exclusions under the policy and explain how the contract may be cancelled

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

(e)provide the client with prompt written confirmation that insurance has been effected If the final policy wording is not included with this confirmation the same shall be forwarded as soon as possible (f) notify changes to the terms and conditions of any insurance contract and give reasonable notice before any changes take effect

(g)advise its clients of any insurance proposed on their behalf which will be effected with an insurer outside India where permitted and if appropriate of the possible risks involved

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Conduct in relation to renewal of policies every insurance broker shall

(a)ensure that its client is aware of the expiry date of the insurance even if it chooses not to offer further cover to the client

(b)ensure that renewal notices contain a warning about the duty of disclosure including the necessity to advise changes affecting the policy which have occurred since the policy inception or the last renewal date

(c)ensure that renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Conduct in relation to claim by client every insurance broker shall a)explain to its clients their obligation to notify claims promptly and to disclose all material facts and advise subsequent developments as soon as possible (b)request the client to make true fair and complete disclosure where it believes that the client has not done so If further disclosure is not forthcoming it shall consider declining to act further for the client (c)give prompt advice to the client of any requirements concerning the claim (d)forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay and in any event within three working days

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Conduct in relation to receipt of complaints every insurance broker shall(a)ensure that letters of instruction policies and renewal documents contain details of complaints handling procedures (b)accept complaints either by phone or in writing (c)acknowledge a complaint within fourteen days from the receipt of correspondence advise the member of staff who will be dealing with the complaint and the timetable for dealing with it (d)ensure that response letters are sent and inform the complainant of what he may do if he is unhappy with the response (e)ensure that complaints are dealt with at a suitably senior level (f) have in place a system for recording and monitoring complaints

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Conduct in relation to documentation every insurance broker shall (a)ensure that any documents issued comply with all statutory or regulatory requirements from time to time in force

(b)send policy documentation without avoidable delay

(c)make available with policy documentation advice that the documentation shall be read carefully and retained by the client (d)not withhold documentation from its clients without their consent unless adequate and justifiable reasons are disclosed in writing and without delay to the client

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

(e)acknowledge receipt of money received in connection with an insurance policy

(f) ensure that they reply is sent promptly or use its best endeavours to obtain a prompt reply to all correspondence

(g)ensure that all written terms and conditions are fair in substance and set out clearly and in plain language clients rights and responsibilities

(h) subject to the payment of any monies owed to it make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Conduct in matters relating to advertisingConduct in matters relating to advertising e every insurance broker very insurance broker shall shall

(a)ensure that statements made are not misleading or extravagant(a)ensure that statements made are not misleading or extravagant (b)where appropriate distinguish between contractual benefits (b)where appropriate distinguish between contractual benefits which the insurance policy is bound to provide and non-contractual which the insurance policy is bound to provide and non-contractual benefits which may be provided benefits which may be provided

(c)ensure that advertisements shall not be restricted to the policies (c)ensure that advertisements shall not be restricted to the policies of one insurer except where the reasons for such restriction are of one insurer except where the reasons for such restriction are fully explained with the prior approval of that insurerfully explained with the prior approval of that insurer

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

(d)ensure that advertisements contain nothing which is in breach of the law nor omit anything which the law requires (e)ensure that advertisement does not encourage or condone defiance or breach of the law f) ensure that advertisements contain nothing which is likely in the light of generally prevailing standards of decency and propriety to cause grave or widespread offence or to cause disharmony (g)ensure that advertisements are not so framed as to abuse the trust of clients or exploit their lack of experience or knowledge (h) ensure that all descriptions claims and comparisons which relate to matters of objectively ascertainable fact shall be capable of substantiation

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Bancassurance in Bulgaria

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Terms and Definitions

The term lsquobancassurance refers to the distribution of insurance policies through banking networks or non-banking financial institutions This arrangement is governed by the terms of a distribution agreement between a bank and an insurer which may (or may not) be connected in terms of equity ownership Traditionally insurance was an integrated industry which produced and retailed its own products but from the early 1970s onwards some insurance companies made the decision to distribute their life insurance products via bank branch networks As a result banks have become natural distributors of insurance products Since then the market for sales of financial services has become more open attracting new providers and distribution channel like consumer credit providers captive credit providers and other non-banking financial institutions

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Bancassurance Advantages

Ease of access - Customers have a natural and frequent level of contact with their bank It is equally natural that when they visit their bank they find straightforward over-the-counter responses to all their financial needs including insurance

Simplicity - The insurance products sold over-the-counter by banks have been specially developed to be simple to understand and simple to sell

Attractive rates - Selling insurance products via retail banking networks usually has the effect of reducing distribution costs and bancassurance products can therefore be marketed at rates that are more attractive to consumers

Security - The solvency of the insurer selected by the bank and the legal guarantee of the institutional intermediary are both reassuring factors for end-user customers

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Bancassurance models

- Exclusive distribution agreements between a bank and an insurer - Raiffeisenbank with UNIQA only

- Open architecture where a bank distributes the products of several insurers - Unicreditbank with Allianz and Generali

- Joint ventures where an insurance company owned jointly by a bank and an insurer ndash United Bulgarian Bank Met Life

- Full integration ndash the 100 bank captive insurance company ndash BNP Paribas Cardif

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Bancassurance products for the private individuals and companiesCredit Life for the BorrowersEmployee Benefits Savings Unit Linked EndowmentRetirement Pension insurancePersonal Accident Group Accident Labor Group Accident Obligatory

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Voluntary Life Insurance which covers employees

At Work (Working Accident)Out of Work

Protection of the living standard

To ensure there is no drop in living standard over the short medium long term period in case of death (or other risks covered) of the insured member (member of the staff of the Company Group)

The Company covers all of its employees

The Company choose the mix of covered risks with level of guarantee

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Covered Risks

Death as a result of sicknessAccidental DeathPTD (Permanent and Total Disability as result of sickness)PTDA (Permanent and Total Disability as a result of Accident)

Benefits

The Insurer pays a lump sum benefit to the Insured employee or his her designated beneficiary in case of claim

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Payments

Premium is paid with the selected coverage each quarterCan be share between the Company and the Employees

Tax deduction

According to the Bulgarian legislature corporations can make expenditures on each employee up to 60 BGN per months of free of tax

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration

Membership Eligible Employees of the Company who are actively at work at the inception date are at minimum age of 18 years and maximum 65 yearshave signed the membership application form to the Policy Group Life insurance

Medical AcceptanceMedical acceptance process is required It depends on the wageHealth Declaration or Medical Questionnaire

ClaimsCollection оf necessary documents Employee fills up and signs directly the claim simplified declaration